Resistance :- daily 50% level
If for some reason the market is trading above 1281.50 the next level up is 1288.75.
S&P Weekly and daily rangeAs you might be aware I’ve been bearish on US markets this week.
My preferred pattern on Friday would have been for the market to continue down into the Weekly 50% level and Friday’s lows @ 1264, and then open up below 1274 (next week) then continue down with a first target @ 1258.
However, Friday didn’t play out as expected, instead moving up towards the secondary resistance level @ 1288.75 and then closing in the middle of the range.
For the trend to continue down it needs to be trading below 1274. (selling down from the January 50% level @ 1280) and that’s my continued focus at this stage
But because of Friday’s price action, I’ve seen on many occasion the following week actually push upwards from the Weekly 50% level and move back towards the highs.
So my view of continuing lower early next week might not play out as expected.
Weekly report out later.
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